Ontario is now North America’s first jurisdiction to eradicate coal as a source of electricity. The groundbreaking move was celebrated by Ontario Premier Kathleen Wynne and former US Vice President Al Gore. Ontario’s move to go 100% coal-free was heralded Thursday afternoon, and both Gore and Wynne went on to emphasize the need for the rest of the world to follow Ontario’s lead. Ten years ago in 2003, Ontario was dependent on six plants to provide a quarter of its total energy usage. With these plants, Ontario hit a record-breaking 53 smog days back in 2005, which contributed to 660 premature deaths, 920 hospital admissions, 1,090 emergency room visits and 331,000 minor illnesses every year. As of 2012, Ontario has produced more energy using wind than coal power, and the province has only reported two smog days in 2013. Canada is receiving bad press for the federal government’s failure to take action to cut greenhouse gas emissions and recent news that it will miss its 2020 emissions reductions target. Unlike federal leaders, however, some provincial leaders like Wynne are taking strong climate action

Bank of America announced today that it would issue $500 million “green bond” issue, said to be the first of its kind issued by corporate banks. The proceeds of the bond will go to finance renewable energy and energy efficiency projects.This will be a three year, fixed rate senior bond with $500 million in aggregate principal amount. Bank of America hopes this bond will encourage other banks to provide similar environmentally conscious services.Current investors in the bond as listed on the press release are AP4, BlackRock, Breckinridge Capital Advisors, California State Teachers’ Retirement System, Calvert Investment Management, Pax World Management LLC, Praxis Intermediate Income Fund, State Street Global Advisors, Standish Mellon Asset Management Company LLC, TIAA-CREF and Trillium Asset Management LLC.The bond issue is part of Bank of America’s larger campaign to provide $50 billion in financing to environmental and “green” projects over the next ten years. The projects funded through this campaign are intended to conserve scarce natural resources, mitigate and reduce the dangers of climate change, and push for an advanced fuel economy less reliant on standard carbon-emitting sources. This is a massive enterprise, with an average of $5 billion a year needed to be invested in order to meet the target. According to Bank of America, related green projects for renewable energy may need over $1 billion in capital investment, whereas typical Bank of America investments run from $5 million to $100 million.Bank of America sees this as a way to broaden its base and become more engaged in civic affairs. According to a spokesman, this recent bond issue is ““an opportunity to expand its investor base and to support an important market as investors seek more socially responsible investment options.”

Today the future of the coal industry was called into question by scientists, health professionals and environmental activists outraged by the occurrence of the World Coal Association (WCA) Summit right next door to the international climate talks (COP19) in Warsaw. Despite playing host to the UN climate change negotiations this week, the Polish government also invited the World Coal Association (WCA) to unveil plans for “high-efficiency” or clean coal during the negotiations — where Donald Tusk and his gang are also playing the hosts. Public health and environmental activists took to the streets to protest outside the WCA conference at their ‘Cough4Coal’ street theatre and action, arguing that the Polish government’s deep support for the dirtiest of fuels is in defiance of climate science, health concerns and the deteriorating economics of coal the world moves away from fossil fuels. Additionally, 27 top scientists from around the world discredit the claim that “high efficiency coal” represents the energy of the future or provides any meaningful solution to the world’s health and climate woes. The health impacts of coal throw serious doubts over the validity of its place in the global energy mix. Medical studies paint a stark picture: pollution from coal causes over 100,000 deaths in India, 18,200 deaths in Europe, 13,200 in deaths in the US and 3,500 deaths in Poland every single year. Discussing this greenwash as a solution to climate change is tantamount to rearranging deck chairs on the Titanic — it ignores the real reason why climate change is happening and offers no true benefit. If the world is to remain under an average warming of 2°C, then the coal ship must be abandoned altogether in favor of truly clean, renewables. This is what the science says, and, as the world ramps up climate action, this is also what economic reality will dictate. There is no such thing as clean coal, and the industry’s two-day summit alongside the UN climate negotiations at COP19 is a greenwashing exercise as ham-fisted as Poland’s climate diplomacy, reinforcing the country’s hard-earned “Coaland” nickname. Attention has also turned to the role of banks in keeping the coal industry afloat, as the new report “Banking on Coal” unveils the top companies bankrolling the coal industry. The report reveals that despite expressing commitments to a low-carbon economy, banks including CITI, Morgan Stanley, Bank of America, JP Morgan and Deutsche Bank continue to make vast investments in the coal industry. These banks keep their dirty coal investments secret, as they know investing in coal is bad PR because of its harms to the environment, public health and global climate. They are also running an increasingly high risk that these investments will become stranded assets as climate action grows and more and more people stand up against dirty, short term profiteering by fossil fuel companies. The World Bank and others have reacted to the writing on the wall by pulling away from coal projects. It is time key international banks and backward facing governments — like those of Poland, Canada and Australia — to do the same.

A recent joint report from Multilateral Development Banks on climate finance has revealed the African Development Bank’s ongoing effort to fund renewable energy projects in Africa. According to the report, the African Development Bank invested $1.7 billion in 2012 on climate focused initiatives. The investments are intended to develop Africa’s weak energy infrastructure as well as create a diversity of energy sources for power generation purposes. Such investments in renewable energy will create energy security at precisely the time when it is most needed. The African Development Bank increased its climate finance levels by half from 2011 to 2012, funding energy programs as well as landscape conservation and low-carbon technology efforts. These efforts are lasting, too. Currently, the African Development Bank provides six dollars for every external dollar invested in climate adaptation finance in Africa. Such efforts have established the bank as the leading development institute on the continent. Over three quarters of its climate financing was allocated to mitigation, revealing the precarious environmental position of African markets. Concerns over environmental damage have only been increased in recent days after the cataclysmic typhoon in the Philippines and similar extreme weather events worldwide. The bank has stepped up its renewable energy investments in recent weeks as well. On November 13, the bank approved an investment package in the Africa Renewable Energy Fund (AREF) to promote small and medium sized renewable energy projects in sub-Saharan Africa. AREF, a private equity fund, is hoped to increase private investment into clean energy in sub-Saharan Africa. Its structure and conceptual development were both designed by the African Development Bank. Other large scale recent projects from the bank include large geothermal and wind power facilities in Kenya and surrounding nations. However, the bank has also explored financing mechanisms to promote smaller scale projects, including a hydropower plant in Uganda and biomass cogeneration plants in Kenya. According to officials from the bank, investment in renewable energy projects is the best way to both preserve the environment and spur economic development in impoverished regions.

Power Africa is an initiative that was announced by the white house on June 30th. Its main focus is to double access to power is Sub-Saharan African. Currently, more than two-thirds of sub-Saharan Africa is without electricity, and more than 85 percent of those living in rural areas lack access. Power Africa will build on Africa’s enormous power potential, including new discoveries of vast reserves of oil and gas, and the potential to develop clean geothermal, hydro, wind and solar energy. It will help countries develop newly discovered resources responsibly, build out power generation and transmission, and expand the reach of mini-grid and off-grid solutions. According to the International Energy Agency, it will cost more than $300 billion in investment to achieve universal electricity access by 2030 in sub-Saharan Africa. Only with greater private sector investment will the promise of Power Africa be realized. With an initial set of six partner countries in its first phase, Power Africa will add more than 10,000 megawatts of cleaner, more efficient electricity generation capacity. It will increase electricity access by at least 20 million new households and commercial entities with on-grid, mini-grid, and off-grid solutions. It will enhance energy resource management capabilities, allowing partner countries to meet their critical energy needs and achieve greater energy security.